3 Jun 2011 10:01

Sberbank to submit new dividend policy to supervisory board before privatization - Gref

MOSCOW. June 3 (Interfax) - The management at Sberbank of Russia will be submitting to the supervisory board for consideration a new dividend policy, involves gradual dividend growth, ahead of the bank's partial privatization, Sberbank President German Gref said.

The annual Sberbank shareholders meeting, which is slated for June 3, will address putting 12% of net profits towards dividends. Previously, the bank had typically paid out 10% of profits.